Hello all. I am brand new to FOREX trading, infact, I am still studying this business in the school section of the website, and haven’t even started practice trading. I was wondering, [B]how much can you realistically make in the forex market[/B]. I have not baught into any of the “scams” that I have seen on the internet that promise incredible returns. [B]I know what you make all depends on the amount you invest, so What is a realistic return on your investment per month trading FOREX? Also, how many pips per month is respectable?[/B] Now is your chance to share your successes. I can’t wait to here How well everybody is doing in this market so that I can set realistic goals for myself, and not be fooled by false statistics aimed at marketing scam forex courses. Thank you for what you share!
How much you can expect is all a function of your own personal objectives. It is not something that can be answered black and white. There is a wide range of possibilities in the forex market, which is what makes it so appealing.
There are those who would be happy with 100 pips per month and those that are making 500 pips per month. Pips, in and of themselves, mean diddly squat. That is very important for you to understand. If the person earning 100 pips per month trades position sizes that make his pip values 10$ per pip, but the one trading 500 pips a month has pip values of 1$/pip, then the one with 100 pips earns a higher return.
How comfortable are you with risk? What kind of percent drawdown can you tolerate before getting uneasy? 10-15-20-30%? These are things that are going to dicatate how much risk you take on a trade.
What kind of trader do you want to be? Swing trader, trend follower, day trader, position trader?
Do you need this money to live off or is it a sideline? If you decide that you want to live off the proceeds and will eventually need an average of 5% per month return and not more than a 20% drawdown, then anything short of that will not be reasonable to you, no matter how reasonable someone else tells you it may be.
I don’t mean to bombard you with confusion but i’m just trying to say that, in my opinion, noone here can claim to tell you what a reasonable pip goal is. You have to start by thinking about your own objectives and what you want to accomplish with trading and let that guide you to what is “reasonable”.
Try and think in terms of percent and not pips. This thinking will keep your performance evaluations consistent regardless of your starting balance. Pips mean nothing. Keep your expectations in line, be realistic. In other words, don;t expect to make money right away, expect this to be tough and expect to have to fight through discouragement. Even when you get the hang of this, don’t expect stellar returns. When the day comes that you manage 20%, then you are doing really really well. It can takes years for you to achieve these milestones so decide from now that this is a long-term commitment with no short cuts. For now, do not think of pips, or returns or money or whatever…think of the process and the rest falls into place. Do not EVER EVER EVER base your own performance on that of others. It will only discourage and put more pressure on you
And please, feel free to post whatever questions you like.
Pipbull said it all there. No one can tell you how much one can earn. Im still a beginner here aswell. I used to think im gona be earning loads and loads, but after reading reading and reading things on this forum and school i found out earning loads is a possibability only if you know exactly what your doing.
I thought id be trading in a couple of months times, but im no where near trading live yet. Im slowly learning by looking at other peoples trading systems and seeing whats going on there and how it all works and the main think to try and understand what i learnt from the School. The school is your starting point and then applying what you learn in the school to either creating yyour own trading system or apply it to other trading systems.
I think once you start getting the hang or thing and most importantly understanding whats going on, ull find out how hard or easy it is to make pips and then ull know urself how much you are capable of making.
I think the best way to learn is to go through the school and then apply what you learn to trading system on Demo Accounts. In Demo accounts you can figure out after a while how much you might be able to earn. But Keep on Demo Trading. It can take weeks, months and maybe years, but it will be worth it and you yourself will think after and thank yourself for not rushing it and taking your time in learning and demo trading.
Happy learning and trading and like PIPBULL said ask all the questions you have and everyone on Babypips will be more than happy to try and answer them.